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Semco and PetroVietnam create rig maintenance and upgrade joint venture

23rd July 2014

Semco Maritime and PetroVietnam Marine Shipyard have joined forces to establish a new rig upgrade player in South East Asia - Vung Tau Rig Services

Semco and PetroVietnam create rig maintenance and upgrade joint venture
Semco Maritime opens new office at the PetroVietnam Marine Shipyard office building to strengthen the strategic partnership

The initiative shall tap into the growing market for rig upgrades in the region.

Semco Maritime opens new office at the PetroVietnam Marine Shipyard office building to strengthen the strategic partnership.

PetroVietnam Marine Shipyard (PVMS) and Semco Maritime JSC have entered into this strategic partnership with the aim to perform rig repair, refurbishment and upgrades in Vietnam for local and international rig operators in the region.

“We’ve had operations in Vietnam since 2010, and we have been very active within accommodation modules,” said Morten Clausen, managing director of Semco Maritime JSC. “Now we are ready for phase two of our business plan with a focus on upgrades for the South East Asian offshore rig market and doing that with PVMS in our joint Vung Tau Rig Services holds very promising prospects and adds significantly to our South East Asia presence.”

Semco Maritime and PVMS have worked together since 2012 and the partnership successfully completed two major rig upgrades in 2013.

To strengthen the partnership Semco Maritime moved their office to the PVMS building. The grand opening of the new Semco Maritime office took place on the 22 of July 2014 and was attended by clients and business partners.

The prospects for upgrades in the South East Asian offshore rig market are positive. Some 25 rigs are currently operating in Vietnamese waters and the access to upgrades in Vietnam will appeal to rig owners now having an alternative to moving their rigs to Singapore to have them upgraded. This saves both time and money and the new Vung Tau Rig Services is already looking for quay facilities to allow for upgrades of even larger rigs than now.

“We welcome Semco Maritime in our house and as a trusted partner,” said Phan Tu’ Giang, managing director of PetroVietnam Marine. “We unite our competences, enabling us to meet our common goal - to become a leading rig service specialist in Asia. We are proud to generate more jobs to local supply chain as well as skilled specialists.”

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